Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 27, 2026
SS Innovations International, Inc. (SSII)
A forensic read on SS Innovations International, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-0.1
Altman Z-score
Watch
Earnings quality
6
Forensic signals
-23.0%
ROE
$711M
Market cap
SS Innovations International, Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -0.1, placing it in the Distress zone. 6 forensic signals were flagged in its latest SEC filings, led by accruals ratio.
What the filings flag
+91.8%Accruals ratio.Net operating assets grew +91.8% relative to their average in FY2025 — the accrual component of earnings. Accruals are building sharply — a large slice of profit sits in operating assets, not cash; Richardson/Sloan link high accruals to weaker future returns as they reverse. The cash-flow cross-check agrees: reported earnings ran ahead of operating cash by +27% of net operating assets.
107d DSOReceivables vs revenue.Days sales outstanding moved from 79 to 107 days FY2024→FY2025 (receivables +178% vs revenue +106%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.
-14%Return on invested capital.Return on invested capital is -14% and rising from -74% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+18.3%/yrShare-count dilution.Diluted share count changed +55% over the last 3 years to FY2025 (+18.3%/yr). The count is GROWING — existing holders are being diluted. That's ~18.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~55%.
19% of revStock-based comp load.Stock-based compensation ran 19% of revenue in FY2025 — about $0.04 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
$43,548Goodwill impairments.Took $43,548 of goodwill writedowns across 1 year(s) (FY2019 ($43,548)). Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
Key fundamentals
Net Margin-28.5%
Debt / Equity0.03x
Free Cash Flow$-22.2M
Latest Revenue$42.5M
Return on Equity-31.7%
Revenue Growth YoY+105.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SS Innovations International, Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SSII's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown